Medico Michelle holds magazine (5)
I believe the answer is:
comic
'magazine' is the definition.
(comic is a kind of magazine)
'medico michelle holds' is the wordplay.
'holds' indicates the answer is hidden within the clue.
'COMIC' can be found hidden inside 'medico michelle'.
(Other definitions for comic that I've seen before include "Wag" , "Causing laughter" , "Funny, ridiculous" , "Funny man, maybe stand-up" , "Amusing person" .)